Construction Equipment Attachment Market Overview
The construction equipment attachment market size is poised to expand 1.3X in terms of value, and is foreseen to progress at a CAGR of 2.4% during the forecast period (2020 to 2030). Construction equipment is a specially built machine used to carry out construction operations along with attachments that allow the base machine to perform a variety of tasks on a job site. Different construction equipment attachments are used for different functions across industries such as construction, mining, agriculture and forestry, manufacturing, etc., for variety of jobs, depending on the work at hand.
Construction Equipment Attachment Market Insights by Attachment
The most popular category in the construction equipment attachment market is compact track loaders, with the largest market share. Skid steers are the second-most attractive equipment, and are anticipated to experience healthy growth by 2020. Various equipment types involve different types of attachments, depending on the type of equipment used. There are several types of attachments such as augers, hammers, buckets, blades, dozer dozers, and pallet forks, among others, available in the construction equipment attachment market.
Manufacturers are investing significantly in research & development of new attachments that have high strength, durability, and increase the efficiency of construction equipment. Increasing adoption of automation in construction machines has led to demand for advanced attachment tools that reduce operational costs and increase worker safety.
Buckets are the most common attachment segment across all equipment machines, which include skid steer loaders, compact track loaders, mini excavators, and telescopic handlers. Buckets have a range of applications, including digging, removal, cleaning, etc. Buckets are a must for a wide range of jobs, and account for the highest share of all equipment attachments available on the market.
Construction Equipment Attachment Market Insights by Sales Channel
The construction industry sales channel segment of the construction equipment attachment market is foreseen as the most remunerative segment, and will expand at a significant CAGR of 2.4% across the forecast period. Significant actors in the industry invest in solutions to sell their equipment to end users to achieve maximum efficiency. Doosan, for example, introduced a low-weight mini-hydraulic pump that lowers fuel costs and enables several attachment choices for various jobs.
In 2019, by sales channel, the aftermarket segment dominated the overall market in terms of value. The aftermarket sales channel segment reached around 56% of the overall construction equipment attachment market share, by witnessing a historical CAGR of 3.2%. In Asia, the OEM sales channel is expected to progress at a value CAGR of 1.6% during the forecast period. The segment is expected to reach a market valuation of US$ 925 Mn by the end of forecast period of 2020-2030.
South Korea, China, Japan, and the U.S. are major producers of excavator attachments. Southeast Asia, India, and Brazil also supply excavator attachments through their manufacturing bases; however, they are dominated by companies from Europe, the U.S., and Japan.
Regional Outlook of Construction Equipment Attachment Market
Asia and Oceania together are estimated to account for 45% of the total construction equipment attachment market share in 2020. Asian countries are markets with high growth of construction, building, infrastructure, and mining industries. Growing number of agricultural activities is expected to boost the growth of the construction equipment market. Further, increasing construction activities and rapid urbanization will provide immense growth opportunity in the region.
In North America, strong presence of prominent players is aiding the growth of construction equipment attachment market, which accounts for about 20% of the total construction equipment attachment market share. The Middle East region is projected to progress at 2% CAGR during the forecast period. This growth can be attributed to rising demand for infrastructure spending in the region.
Europe generated significant revenue in 2019, and is expected to see growth as a result of increased demand for machinery and equipment. In Oceania, the market in Australia is expected to expand at a moderate growth rate over the assessment period, due to stringent rules and regulations. The Latin America construction equipment market is likely to witness significant growth, owing to increasing investments in mining projects in the region.
Construction Equipment Attachment Market: Competitive Landscape
The global construction equipment attachment market is fragmented in nature, with the presence of numerous local and regional players. Some of the players are Caterpillar Inc., CNH Industrial N.V., Volvo Construction Equipment, Doosan Corporation, Komatsu Limited, Kubota Corporation, Wacker Neuson SE, Hitachi Construction Machinery Co., Ltd, and Paladin Attachments. Market players are focusing on expanding their footprints through partnerships and acquisitions in order to gain a competitive advantage. An example of such an expansion is: In 2020, Paladin Attachments introduced a latest model in collection sweepers from Sweepster, the SB215.
COVID-19 Impact on Construction Equipment Attachment Market
The outbreak of COVID-19 has presented multiple challenges for manufacturers in the construction equipment attachment. This effect will be profound and lasting due to restriction imposed on construction activities, scarcity of labor, and volatile demand for construction equipment. Lockdown of production facilities has further impeded the growth of the construction equipment attachment market.
Post COVID-19 crisis, manufacturers will focus on increasing their presence in developing economies, through increasing partnerships with dealers and other prominent players in order to gain market share. This will lead to positive growth potential for the market. As per the report published by Fact.MR, it is estimated that, the construction equipment attachment market will be stagnant till the end of 2020, and as the situation is contained, the market will regain its original growth trajectory.
The Analyst’s Viewpoint
“Increasing construction projects such as malls, multiplexes, hotels, airports, highway, and others will increase demand for construction equipment attachments. Further, rising consumer awareness and growing trend towards electric construction equipment will lead to growth of the construction equipment attachment market.”
Construction Equipment Attachment Market: About the Report
Fact.MR has published an exclusive forecast report on the construction equipment attachment market for 2020 to 2030. The foremost objective of this report on the construction equipment attachment market is to pitch insights on the market scenario, demand generators, and technological advancements in the market. Also, the study addresses the key dynamics that are expected to diversify the sales and future prominence of the market.
The report begins with an executive overview, in which, product definition has been provided. The report further proceeds with the taxonomy of the construction equipment attachment market, elaborating on key segments. Also, the report outlines visionary insights on the dynamics of the construction equipment attachment market, including the drivers, restraints, opportunities, trends, and pricing analysis, along with the key buying factors for construction equipment attachments.
Supply chain analysis and pricing analysis of the construction equipment attachment market, along with the difference between construction equipment attachments used as per application, have also been included in the report.
Construction Equipment Attachment Market - Scope of the Report
Fact.MR recently published a market study on the global market for construction equipment attachments. The study provides detailed assessment on key market dynamics, including the drivers, trends, opportunities, restraints, and detailed information about the construction equipment attachment market structure. The market study presents exclusive information about how the construction equipment attachment market will grow during the forecast period of 2020-2030.
Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market, value chain, supply chain analysis, and Compounded Annual Growth Rate (CAGR) are explained in Fact.MR’s study in a comprehensive manner. This information can help readers understand the quantitative growth prospects of the construction equipment attachment market during the forecast period.
The study is relevant for stakeholders in the construction equipment attachment market, including manufacturers, suppliers, distributors, and investors, and can help them in developing appropriate strategies to grow in the market. Stakeholders in the construction equipment attachment market, investors, industry experts, researchers, and journalists, as well as business researchers can leverage the information and data presented in the Fact.MR study.
The study also includes statistics as well as facts related to the macro- as well as micro-economic factors that are impacting developments in the construction equipment attachment market. It also offers actionable insights based on the future trends in the construction equipment attachment market. Furthermore, small businesses and new entrants in the construction equipment attachment market too can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.
Key Segments of Construction Equipment Attachment Market
Fact.MR’s study on the construction equipment attachment market offers information divided into three key segments— attachment, sales channel, and region. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
Key Questions Answered in Fact.MR’s Construction Equipment Attachment Market Report
- Which regions will continue to remain the most profitable regional markets for construction equipment attachment market players?
- Which factors will induce a change in the demand for construction equipment attachments during the assessment period?
- How will changing trends impact the construction equipment attachment market?
- How can market players capture the low-hanging opportunities in the construction equipment attachment market in developed regions?
- Which companies are leading the construction equipment attachment market?
- What are the winning strategies of stakeholders in the construction equipment attachment market to upscale their position in this landscape?
Construction Equipment Attachment Market: Research Methodology
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the construction equipment attachment market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the preparation of the construction equipment attachment market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who have contributed to the development of this report as a primary resource.
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